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Rental resilience: 3 things to know about the circular economy

Rental resilience

COVID-19 has presented one of the most staggering economic challenges in memory. As markets around the world begin to pick up pace at varying speeds, how can rental businesses across the globe ensure business sustainability? The answer is circular, and here are the 3 things rental businesses need to know now about the concept of a circular economy:

1. What is the circular economy?

For many years now, we’ve all heard the phrase “reduce – reuse – recycle”. This linear approach to the climate crisis, needs to be adapted to meet global sustainability initiatives as well as the current challenges presented by COVID.

The circular economy model is a continuous cycle, designed to be regenerative, that aims to separate growth from the consumption of finite resources. But, what does this mean? Quite simply: equipment should be built to last, reused and refurbished to increase its lifespan, and recycled rather than wasted.

Using the principles of designing out waste/pollution and keeping products and materials in use, the concept of a circular economy is being touted as both a long-term solution to sustainability, and the key to economic resilience in the mid to post-COVID economy.

2. What does this mean for rental businesses?

Reusing and repairing equipment to increase its lifespan is a familiar concept to rental businesses, so it's no surprise that rental will facilitate the transition to the circular economy.

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